Japanese Finance Minister hospitalized

A Ministry of Finance official said Fujii, 77, will be hospitalized for about 10 days.

“He seems to be tired after the arduous task of compiling the budget. His blood pressure is a little high, and he has decided to be hospitalized to rest as well as to have his health examined,” said the official.

Fujii will work whenever obligatory
Fuji, who was admitted around 10 a.m. (1 p.m. GMT), is a veteran lawmaker who returned to the post again in September this year after 1993.

Since there are no ‘serious’ health problems reported till now, the minister will work whenever it is obligatory.

Fujii will be attending Cabinet meetings which are scheduled for Dec. 30 and Jan. 5.

“This won’t have any impact on the economy or markets,” assured Kyohei Morita, chief economist at Barclays Capital in Tokyo.

Fujii asked to postpone retirement
Fujii was recently asked by Japanese Prime Minister Yukio Hatoyama to postpone his retirement and run the coming election in August.

With Fujji’s level of experience and expertise, Hatoyama wants him in the party for long.

“If Fujii isn’t capable of carrying out his job, it will be clear that there’s a lack of talent” in the ruling party, said Morita. He is one the very few lawmakers who not only have experience but also the right skills at the finance ministry.

On Dec. 25, Hatoyama unveiled a record budget of 92.3 trillion yen ($1 trillion), out of which the government will sell 44 trillion yen as new bonds. Fujii wants the government to keep its promise of bond sales to unburden the Japanese economy from debt. Hatoyama, who recently indicated he wouldn’t be adhering to the cap, is now under pressure.

The budget is expected to come in the parliament next month, and contains funds aimed at boosting consumer spending, such as payments to families with children.